BUY NIFTY | TARGET: 11,550 | STOP LOSS: 11,320
As expected the Nifty index reached our short term targets of 11,550 levels on Monday. Earlier, it negated the formation of a lower top and lower bottom formation on the daily chart and also reclaimed its 21-DMA which is providing immediate support. The momentum indicators and oscillators on the weekly scale are very well on buy mode. Hence, one can re-initiate the long position with a stop loss of 11,320 levels for a pullback towards 11550 levels.
BUY SIEMENS | TARGET: Rs 1,300 | STOP LOSS: Rs 1,200
The counter is making a higher top and higher bottom formation on the weekly scale. It is currently hovering near its 38.2% retracement of the entire fall which is placed at 1248 levels and above that we can expect the positive momentum towards 1300 levels. The momentum indicator RSI has also provided a breakout from its downward sloping trend line and a buy crossover can also be seen on MACD.
BUY FDC | TARGET: Rs 370 | STOP LOSS: Rs 330
The stock has breached its downward sloping trend line on the daily chart. The stock is also taking the support of its short term 21-DMA which is placed near 330 levels. The momentum indicator has reversed from the overbought territory which hints of further positive momentum in the counter.
BUY CYIENT | TARGET: Rs 425 | STOP LOSS: Rs 396
The stock has provided a breakout from a falling channel on the daily chart. It is trading well above its short term and long term moving averages. The momentum indicators and oscillators are very well in the buy mode on daily as well as weekly scales which hints of a further positive momentum in the counter. It has also surpassed its 21-DMA which is placed at 390 levels.
Disclaimer: Nilesh Jain is Technical and Derivatives Research - Equity Research at Anand Rathi Shares and Stock Brokers. He may have positions in one or all of the above mentioned stocks. Views are personal.